PayPal (NASDAQ:PYPL) earnings for the payment services company’s second quarter of 2020 have PYPL stock heading higher after markets closed on Wednesday. That is thanks to its adjusted earnings per share of $1.07, which is better than Wall Street’s estimate of 88 cents. Its revenue of $5.26 billion also comes in well above analysts’ estimate of $4.99 billion.
Here are some additional highlights from the most recent PayPal earnings report.
- Adjusted per-share earnings are up 49% from 86 cents during the same time last year.
- Revenue comes in 22% higher than the $4.31 billion reported in the same period of the year prior.
- Operating income of $951 million is a 34.9% increase year-over-year from $705 million.
- The PayPal earnings report also has it bringing in a net income of $1.53 billion.
- That’s an 86% jump from the company’s net income of $823 million from the second quarter of 2019.
Dan Schulman, president and CEO of PayPal, said this about the Q2 earnings report.
“In the midst of the COVID-19 pandemic, digital payments have become more important and essential than ever. Our record performance in the second quarter — our strongest quarter ever — reaffirms the relevance of PayPal in the unfolding digital future.”
PayPal also reintroduces its 2020 guidance in the current earnings report. It expects adjusted earnings per share to grow by 25% while revenue increases roughly 20% from the previous year.
PYPL stock was up 1.6% after-hours Wednesday and closed out the day up 4.7%.
As of this writing, William White did not hold a position in any of the aforementioned securities.